Canada Mortgage Calculator
Calculate Canadian mortgage payments with semi-annual compounding.
…
How to do it
- 1Fill in the boxes
Type your numbers or pick the options you need.
- 2See the result
The answer updates right away as you change a value.
- 3Use it
Copy the result or note it down. Nothing is sent anywhere.
About this tool
Enter the home price, down payment percent, rate, amortization and payment frequency. Canadian fixed-rate mortgages compound semi-annually, which the tool applies, so the payment matches what Canadian lenders quote.
Semi-annual compounding
By law, Canadian fixed-rate mortgage rates are compounded twice a year, which gives a slightly lower effective rate than monthly compounding at the same quoted rate. The tool converts the quoted rate to the rate for each payment period.
Example
A $520,000 loan at 4.8 percent over 25 years costs about $2,970 a month and around $371,000 of interest.
Notes
A down payment under 20 percent needs mortgage default insurance. The minimum is 5 percent on the first $500,000. Accelerated bi-weekly payments equal half a monthly payment every two weeks and shorten the loan.
Frequently asked questions
What is amortization?
The total years to pay off the loan. Terms of 1 to 5 years are renewed along the way.
Why semi-annual compounding?
It is required for Canadian fixed-rate mortgages and is applied here.
Is mortgage insurance included?
No. Add it if your down payment is under 20 percent.
Do bi-weekly payments save interest?
Yes. Accelerated bi-weekly pays one extra month per year.